According to data released by the Federal Statistical Office (Destatis), import prices in Germany rose by 6.8 percent in May 2026 compared to May 2025. This marked the strongest year-on-year increase since December 2022, which saw a 9.6 percent rise against December 2021. For context, import prices had increased by 5.3 percent in April 2026 and 2.3 percent in March 2026. On a month-over-month basis, imports increased by 0.7 percent in May, following April 2026.
In the export sector, prices were higher by 3.4 percent in May 2026 compared to May 2025. This was the largest year-on-year growth since February 2023 (+6.6 percent over February 2022). August 2026 saw a 2.9 percent year-on-year change, and March 2026 showed a 1.5 percent increase. Month-over-month, export prices rose by 0.5 percent in May 2026.
The dominant factors in the overall increase in import prices for May 2026 were the rise in intermediate goods prices, which climbed by 10.1 percent (up 1.6 percent from April 2026), and prices for energy, which surged by 37.2 percent (up 0.1 percent from April 2026). Previously, energy prices had reached their highest year-on-year increase in October 2022 (+63.0 percent vs. October 2021).
In the intermediate goods sector, non-iron metals and related semi-finished products rose sharply by 30.3 percent, including precious metals and their semi-finished products, which saw a significant jump of 46.6 percent. Imported fertilizers and nitrogen compounds also showed a steep increase of 31.4 percent compared to May 2025.
The conflict in the Middle East continued to heavily impact energy prices. Compared to May 2025, prices for crude oil (+59.3 percent), mineral oil products (+57.3 percent), electric power (+44.1 percent), hard coal (+12.7 percent), and natural gas (+10.4 percent) were significantly higher. While electricity prices increased notably by 25.5 percent month-over-month, hard coal (+1.9 percent) and crude oil (+1.0 percent) saw moderate rises, and natural gas prices remained nearly flat at +0.1 percent.
In the month-over-month comparison, only mineral oil products were cheaper by an average of 3.6 percent. Conversely, jet fuel (kerosene) dropped by 15.9 percent, while diesel fuel and light heating oil declined by 8.0 percent. However, lubricant and other oils saw a sharp increase of 44.6 percent. Motor gasoline prices edged up by 1.3 percent compared to the previous month.
Excluding energy prices, import prices increased by 3.8 percent from the previous year, a rise of 0.7 percent compared to April 2026. If only crude oil and mineral oil products were excluded, the import price index rose by 4.2 percent compared to May 2025 (up 0.8 percent from April 2026). Imported capital goods were also more expensive, rising 2.2 percent compared to May 2025 and 0.4 percent compared to April 2026.
Conversely, imported agricultural goods were cheaper by an average of 5.5 percent in May 2026 (down 3.1 percent compared to April 2026). Raw cocoa prices dropped by 48.9 percent from May 2025, though they increased substantially by 8.9 percent month-over-month. Live pigs were also cheaper, down 26.5 percent compared to May 2025 and 8.3 percent month-over-month. Imports of raw coffee cost 15.4 percent less than a year ago and 2.5 percent less than the prior month.
While imported grain prices were lower than in May 2025 (down 5.8 percent), they rose by 0.7 percent compared to April 2026. Tomatoes were significantly more expensive year-on-year (+20.0 percent), although they were seasonally cheaper by 29.9 percent compared to April 2026.
Imported consumer goods were 1.3 percent cheaper in May 2026 compared to the prior year (up 0.1 percent from April 2026). Durable goods prices remained unchanged year-on-year (+0.1 percent MoM), while non-durable consumer goods were 1.7 percent cheaper year-on-year. Overall food prices were 6.2 percent lower compared to May 2025 (down 0.2 percent MoM). Reductions were seen in cocoa butter, cocoa fat, cocoa oil (-50.8 percent), fruit and vegetable juices (-26.5 percent), pork (-19.0 percent), and milk/dairy products (-12.3 percent). Conversely, shelled hazelnuts were 19.3 percent more expensive than in May 2025.
Regarding exports, the increase in prices for intermediate goods had the greatest influence on the year-on-year change due to their significant share in the overall index. Intermediate goods averaged 5.6 percent higher than in May 2025 and 1.1 percent higher than in April 2026. Capital goods were priced 1.7 percent higher than in May 2025 (up 0.2 percent compared to April 2026). Together, these two categories account for almost 75 percent of exported goods.
The effects of the Iran conflict were also noticeable in export prices. Energy exports were priced 33.6 percent higher than in May 2025 and 0.7 percent higher than in April 2026. Mineral oil products saw a significant increase, and overall, the goods traded internationally were more expensive.
In summary, many sectors saw price increases, although some items remained stable or saw slight decreases depending on their category and market fluctuations.
